BP and China’s Didi Chuxing (DiDi) today announced they have agreed to form a new joint venture to build electric vehicle (EV) charging infrastructure in China, the world’s largest market for electric vehicles. The new joint venture plans to develop a network of EV charging hubs across the country.
DiDi is the world’s leading multi-modal transportation platform, offering users a full range of app-based options, including ride-hailing, automobile solutions sharing, and other services. Its platform already has approximately 550 million users and around 600,000 EVs are running on it in China.
BP has a global fuels retailing and convenience business operating in 18 countries globally, with over 18,700 retail sites, and with a rapidly-growing presence in China.
The joint venture will develop standalone, reliable and high-quality charging hubs to provide EV charging services to DiDi’s drivers and the public. The partners also intend to expand the venture into loyalty and convenience offerings and other fleet services in the near future.
Tufan Erginbilgic, BP’s Downstream chief executive said: ” The lessons we learn in China, the largest EV market in the World, will help us further expand BP’s advanced mobility business worldwide, helping drive the energy transition and develop solutions for a low carbon world.”
Cheng Wei, Chairman and CEO of DiDi, said, “We look forward to combining our strengths to create a robust EV charging network for China, promote the growth of the new energy automotive industry, and provide better experience for car owners across the country.”
BP and DiDi have already opened a pilot site in Guangzhou in the Guangdong province, with ten fast-charging units, ranging from 60-120kW. This site will migrate into the joint venture once live. The venture aims to expand rapidly, with an ambition to quickly become the leading EV charging provider in China.
China is the world’s largest and fastest-developing EV market with around 50% of the world’s BEVs today. By 2030, we expect around 80% of EV charging in China to be done at destination, forecourt and fleet hub charge points.
In China, this work already includes an investment in NIO Capital’s investment fund focused on China’s new energy vehicle ecosystem and also an equity investment in PowerShare, which offers an online platform connecting EV drivers, charge point operators and power suppliers.
Xiaoping Yang, BP China chairman and president, added: “China offers tremendous growth opportunities for BP. Partnering with DiDi enables BP to actively contribute to China’s fast-growing EV charging market with differentiated offers, and also to further expand our business footprint in the country.”
